Ready For A Gut-Check? Here’s How Much Money You Should Have Saved For Retirement
No one wants to work forever. So if you want to go spend your golden years sailing around the Bahamas or living on a golf course in Scottsdale by a certain age, you best be putting your money away for 30+ years down the road.
Bob Bryan at Business Insider dug through JP Morgan Asset Management’s Guide to Retirement to find a chart dictating some very important milestones for how much you should have saved for retirement. Starting at the age of 30, find your income on the chart then take it times the number on the matrix. So if you’re 30 and make $75,000 a year, you should have roughly $82500 saved for a life of early tee times and bridge games with your fellow-old people.
If you don’t have a retirement savings and your dad keeps bugging you about it, here’s your wake-up call.
via Business Insider: